It earmarked €1 billion of this spending for projects in Germany, but will also invest in projects around the world.
The developer has roughly 9GW of operating wind and solar capacity, following the completion of an asset swap deal with E.on.
It is currently building about 1.8GW onshore wind, 500MW offshore wind and 400MW solar capacity and has a clean energy project pipeline of about 20GW.
The developer aims to be carbon-neutral by 2040 and generate most of its electricity with wind and solar farms. It has halved its CO2 emissions since 2012.
RWE CEO Rolf Schmitz said the company’s financial performance in 2019 gives it an “outstanding basis” to expand its business.
Segments
On a standalone basis, RWE recorded adjusted Ebitda of €2.1 billion in 2019, up 29% from the previous year.
It will start including its newly acquired assets from E.on and Innogy for the fiscal year 2020, it stated.
RWE expected its offshore wind segment to generate the most adjusted Ebitda (€900 million-1.1 billion) in 2020.
This could be higher than the €961 million pro forma figure for 2019, as wind volume was lower in 2019 particularly in the UK, the developer said.
Adjusted Ebitda of €500-600 million is expected from onshore wind and solar in 2020 — an increase from the €442 million pro forma total for 2019.
This is because it plans to commission 1.6GW of onshore wind and 400MW new solar new capacity in 2020.
RWE expects the same range of adjusted Ebitda from its coal and nuclear segment in 2020 but is concerned about Germany’s impending coal phaseout.
Germany’s federal cabinet published a draft Coal Phaseout Act in January 2020, calling for coal-fired power stations to be decommissioned in a phased approach before all coal is taken offline by 2038.
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